Northampton, MA asked in Bankruptcy for New York

Q: Has any lawyer worked with a Veteran using the new HAVEN Act law?

I'm disabled from the military and have unemployment with social security since I can't hold a stable job. Currently have 50,000 debt on my own. The new haven act law says that my disability paychecks aren't counted towards the means test but that would mean I would make $0 in the eyes of the court and creditors is this correct? Just seems very odd and the judge would just assume I have stable benefits to pay off the loan in 10 years if need be. However the debt to income ratio is killing me down to the bone with living paycheck to paycheck. The debt is just one creditor and one car loan. Am I a good candidate to the haven act law for chapter 7? or because i have stable disability income would the judge just force me to do chapter 13? My wife doesn't hold a job and has no debt herself. We live in a small apartment. No investments, 401k, valuable items.

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3 Lawyer Answers
Karra Kingston
Karra Kingston
Answered
  • Bankruptcy Lawyer
  • Staten Island

A: You should speak with a Bankruptcy lawyer. Just because you have $0 for the means test does not mean that you have no income. The Means Test determines if you qualify for bankruptcy. This doesn’t mean that you don’t have income and expenses. You should speak with a Bankruptcy lawyer.

Leonard R. Boyer
Leonard R. Boyer
Answered
  • Bankruptcy Lawyer
  • Brooklyn, NY

A: If you cannot afford an attorney, you need to contact legal aid. This is not something to do on your own. The Haven Act excludes military benefits from the means test. You must retain an experienced Bankruptcy attorney to represent you in this matter. This is not legal advice, merely something to consider when discussing your situation with a local attorney.

Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: You should immediately contact a local bankruptcy lawyer to review your complete financial situation. Sounds like you may be ripe for a chapter 7, but you need many more details to make an informed decision.

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